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The course covers economic principles of economics that apply to the behavior of individuals in an economic system. Students will learn about scarcity, resource allocation, production possibilities curve, supply and demand, price elasticity of demand and supply, production costs, profit maximization, perfect competition, and socially efficient and inefficient market
Subject Breakdown:
Unit 1: Basic Economic Concepts
12% - 15%
Unit 2: Supply and Demand
20% - 25%
Unit 3: Production, Cost, and the Perfect Competition Model
22% - 25%
Unit 4: Imperfect Competition
15% - 22%
Unit 5: Factor Markets
10% - 13%
Unit 6: Market Failure and the Role of Government
8% - 13%
Practice Resources:
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